Dow futures sink 1,300 points, oil tumbles on global recession fears

Twitter suspends travel as companies grapple with coronavirus

[ad_1]

U.S. stock futures and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession.

Dow futures tumbled 1,255 points while Standard & Poor’s 500 futures sank 4.9%. Futures contracts hit a 5% daily down limit on Sunday evening, triggering a halt in trading.

On Monday, the New York Federal Reserve said it will increase the amount of money it is offering to banks for their short-term funding needs, CNBC reported, a move to guard against market pressures.

Global stocks were pummeled after crude prices plunged as much as 30%, putting oil prices on pace for their worst losses since the start of the 1991 Gulf War. That rattled investors who were already contending with economic disruptions from the deadly coronavirus. The outbreak has infected more than 110,000 people globally, with more than 500 infections reported in the U.S.

[ad_2]

Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.